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How much do you need in an annuity to get $1000 a month?
In order to withdraw $1,000 each month you would need roughly $192,000. If you exceeed your life expectancy and make it to the ripe old age of 90 you would need approximately $240,000. Just bought my first SMA and was very happy to have gone through Immediate Annuities.com.
How does a 7 year annuity work?
It never makes sense for tax purposes, she said. Instead of locking money into an annuity or insurance-based investment product, Orman encouraged focusing on other strategies. She suggested continuing to invest in dividend-paying stocks, growth stocks, or value stocks.
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